The social network Reddit has revealed investments in Bitcoin and Ethereum after filing documents with the SEC for its IPO.
On February 22nd, Reddit announced that it had invested part of its capital in Bitcoin and Ethereum. The information was revealed during the presentation of documents to the Securities and Exchange Commission (SEC) for the upcoming stock listing.
The company did not specify the exact amount of Bitcoin and Ether it holds, but stated that it had also purchased Polygon to pay network fees on Ethereum.
In the document, Reddit stated:
“We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future.”
The company specified that it does not hold digital assets other than Bitcoin and Ethereum as part of its reserves.
In 2020, the platform experimented with the use of “community points” through the use of Ethereum-based tokens called Moons and Bricks, which were distributed as rewards to contributors of specific subreddits. This initiative was later suspended in November of the same year.
